Financial Performance - For the three months ended September 30, 2022, the company reported a net income of $661,883, driven by interest from marketable securities of $1,317,125, offset by formation and operating costs of $402,504 and income tax provision of $252,738 [119]. - For the nine months ended September 30, 2022, the company achieved a net income of $658,283, with interest from marketable securities totaling $1,740,557, against formation and operating costs of $748,860 and income tax provision of $333,414 [120]. Investments and Capital Structure - As of September 30, 2022, the company had $293,553,956 in investments held in the Trust Account, designated for a Business Combination or to repurchase Public Shares [122]. - The company had $480,348 in operating bank accounts and working capital of $594,967 as of September 30, 2022 [122]. - The company completed its IPO on December 15, 2021, raising $287,500,000 from the issuance of 28,750,000 units at $10.00 per unit [116]. - The company has a 15-month period from the IPO closing to complete its initial Business Combination, failing which it will cease operations and redeem public shares [117]. - The company expects to need additional capital for operations and may seek loans or investments from sponsors or third parties [124]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022 [134]. Accounting Policies - The company has identified critical accounting policies that may affect reported amounts of assets and liabilities, requiring management estimates [125]. - The company has two classes of shares, with earnings and losses shared pro rata, and potential common stocks from outstanding warrants excluded from diluted earnings per share due to contingencies [133].
Burtech Acquisition Corp.(BRKHU) - 2022 Q3 - Quarterly Report